Global oil prices climbed nearly 1% on Wednesday as renewed tensions between the United States and Iran raised concerns about energy supplies, while a significant drop in US crude inventories added further support to the market.

According to international market reports, Brent crude rose by 83 cents, or 0.9%, to $92.29 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude gained 68 cents, or 0.8%, reaching $88.97 per barrel.

The increase came after the US military carried out fresh strikes against Iranian targets. The action followed US President Donald Trump’s announcement that Washington would respond to the reported downing of an American Apache helicopter, increasing concerns about the fragile ceasefire between the two countries.

Oil markets had fallen sharply earlier this week after direct hostilities between Israel and Iran eased. Brent crude had closed at a seven-week low on Tuesday, while WTI touched its lowest level since late May.

Investors are also closely monitoring developments around the Strait of Hormuz, a vital shipping route responsible for nearly 20% of global crude oil and liquefied natural gas (LNG) trade. Any disruption in the region could significantly affect global energy supplies.

Adding to bullish sentiment, the American Petroleum Institute reported that US crude oil inventories fell by 9.12 million barrels during the week ending June 5. Gasoline stocks also declined by 1.19 million barrels.

Analysts warn that if US inventories continue to shrink and regional tensions persist, global oil prices could rise further in the coming weeks.